April 1st, 2014

Hey guys! I haven't been posting in a while but here is the charts and PnL one of my days trading. This is April 1st, 2014. So I haven't been trading because I am trying to get more capital to trade with. At this point I am always worrying about when to take profits and avoiding the commission getting into the way. So I won't be trading much until the summer! When summer starts, I will be posting every single day. I feel like that I will do a lot better during the summer because I do not have to worry about school and actually do my homework and get a watchlist out every night. Well here was my day on Monday.

First trade is $BIOF. The green arrow is where I bought and red arrow is where I exited my position. My plan here was that I was anticipating the red/green move. So I bought a little before the r/g move just so I can get a few more cents before the big move. As you can see in the chart that the r/g move was rejected and it faded all day. Good thing is that I got out quickly. That is the main key to trading. If the setup does not go in your favor then GET OUT! If I would have held this waiting  for another move, I would have lost serious coin!

Second trade was $ISR. This is a hot stock right now, so I saw the right set up but miss played it. The top chart is the intraday chart and the bottom is the daily chart. So I was looking at the intraday for the ABCD pattern. You can see the two tops at $2.70 so that was the breakout point. So the problem with this trade is I entered way to early. I should have waited for the pattern to get tighter and let it gear up. I entered at $2.70 anticipating the breakout but it didn't break out. So I exited real quick for a small loss. Again that is the key. If you keep waiting for the right setup you will get rid of 5 losses for that 1 big play. So just be patient, which I was not on this play.

Third and final play of this day was $JCP. As you can see by the chart, there was a solid top at $8.81. So I was anticipating the break out over there. I entered at 8.81 but there was no volume at all... Waited a couple minutes and I got impatient. I got at the same price I got in. Good thing too, because I wouldn't have made much coin on this play anyways.

Here is my PnL for this day.

So what I have been learning these past couple months is that you HAVE to be patient. In this game you will strike out real quickly if you are just in it for a quick buck. Another thing is that I need to focus on plays during the mornings. The problem with that is school. So I haven't been getting good plays. I will be trading a lot and I mean everyday or at least every morning during the summer. The only thing I can do is not give up! Stay strong and stay at it!